Michael D. Higgins seriously claimed on RTE Radio that the heterodox Austrian School of Economics was responsible for the repeal of the Glass-Steagall Act and the fact that credit was too cheap during Ireland’s boom period. This is not only a massive factual error, but to my mind a great sign of who people like Higgins are really afraid of.

Michael D. Higgins should be forced to explain what exactly he believes the Austrian School of Economics is about, as he showed no signs that he knew this during his interview on RTE Radio.

Just to remind everyone, the only advocate of Austrian Economics in the US Congress at the time, Ron Paul, actually voted against the repeal of Glass-Steagall.

As an Austro myself, the thought of politicians actually understanding Austrian economics is laughable.

The only thing they understand is how big a cheque comes through that letterbox.

The laughable thing about this is the belief by a nation of idiots that a crowd of parasites, of which MDH could be described as a Queen Bee would have a bulls clue about creating jobs. Those wasters are the problem, not the solution

So what is the lad with the strange user name, the system works, saying here.

That Michael D. Higgins made false claims about the Austrian School of Economics.

Originally Posted by rebellin

But one side of Ron Paul, The System Works will not be able to champion, is Paul's active opposition to perpetual war. If you scroll through TSW's website, you will find a posting full of extravagent praise for warmonger Bibi Netenyahu.

I have disagreed with many of Israel's military actions and other policies, though I believe that Israel's wars have been of a far different nature than America's global crusades that have little to do with her own people's real interests.

Originally Posted by rebellin

So first of all ditch the user name, if you want anybody to believe you.

The username is meant to be ironic.

Originally Posted by rebellin

Secondly, why not figure out what you're actually talking about before you start a thread calling someone else an ignoramus.

I fully understand what I am talking about. It is you who doesn't seem to understand the point of the thread: Michael D. Higgins lied about or misrepresented the Austrian School of Economics.

Austrianism is an odd beast. On the one hand the ABCT is almost certainly far closer to the truth that the standard models....in my adult lifetime I've seen numerous bubbles, booms and busts, and the Austrian model, cheap credit, malinvestment, the effects of what I call the "buffer overflow error" skewing and distorting the value of pricing mechanisms during inflationary credit-fuelled bubbles, definitely works for me.

And then on the other hand the solution most Austrians propose for this problem - a sort of anarcho-libertarian capitalism with absolute deregulation and the bare minimalist state imaginable is just plain nuts and would lead to a world even worse than the current horrible dystopia.

Michael D. Higgins seriously claimed on RTE Radio that the heterodox Austrian School of Economics was responsible for the repeal of the Glass-Steagall Act and the fact that credit was too cheap during Ireland’s boom period. This is not only a massive factual error, but to my mind a great sign of who people like Higgins are really afraid of.

Michael D. Higgins should be forced to explain what exactly he believes the Austrian School of Economics is about, as he showed no signs that he knew this during his interview on RTE Radio.

Just to remind everyone, the only advocate of Austrian Economics in the US Congress at the time, Ron Paul, actually voted against the repeal of Glass-Steagall.

Ireland is having it's Obama Moment now, having realised the media, er, forgot to probe MDH's past properly the way they did with other candidates, and having elected a complete loon to a high position. Fortunately, MDH has little power as president, but he will go off abroad on the taxpayers' dime spouting his worn-out brand of mindless slush to all and sundry on our behalf.

regarding the OP, MDH may be a "political scientist" but he is indeed an economic illiterate. Didn't he blame "capitalism" for the famine in East Africa? And he seems to think "the market" is some kind of person that, if you don't chain it him properly, will run amok knocking stuff over. His knowledge of American politics is limited to hating "the Tea Party" and "Sarah Palin" although he gives no indication of understanding either (or even wanting to), and he thinks said villains believe in "no healthcare". He is a dangerous lunatic in many ways.

Austrianism is an odd beast. On the one hand the ABCT is almost certainly far closer to the truth that the standard models....in my adult lifetime I've seen numerous bubbles, booms and busts, and the Austrian model, cheap credit, malinvestment, the effects of what I call the "buffer overflow error" skewing and distorting the value of pricing mechanisms during inflationary credit-fuelled bubbles, definitely works for me.

And then on the other hand the solution most Austrians propose for this problem - a sort of anarcho-libertarian capitalism with absolute deregulation and the bare minimalist state imaginable is just plain nuts and would lead to a world even worse than the current horrible dystopia.

There's unanimity in belief of the cause of the bubble. There is none when it comes to the solution. I know some who would like to move at once to the anarcho system you mention but not all feel that way or think that shock would be beneficial. However if people agree that the problem is central bank regulation surely people can agree that scraping that system is a good thing?

About Politics.ie

Politics.ie is one of Ireland's leading politics and current affairs discussion websites with more than 600,000 visitors a month. Founded in 2003, Politics.ie has one of the most engaged, respected and influential politics and current affairs communities.